Arax firm Ashton Thomas adds $500M team, opens New York office

investmentnews.com:

Arax Investment Partners firm Ashton Thomas Private Wealth has added a $500 million team from Alex. Brown.

The McDonagh Bauers Private Wealth Team comprises managing director and partner Ted McDonagh and director and partner Daniel Bauers, joined by senior registered associate Justine Kinaj. McDonagh and Bauers joined Alex. Brown, a unit of Raymond James, in 2008 and 2016 respectively and have wide experience in the New York metropolitan area. Ashton Thomas has opened a new Manhattan office.

“We are delighted to join Ashton Thomas Private Wealth and introduce our clients to resources and capabilities they offer,” states Ted McDonagh, Managing Director and Partner. “Ashton Thomas and Arax have partnered to offer a platform that we believe rivals the top firm offerings in the wealth management space. We couldn’t be more excited for what lies ahead.”

McDonagh Bauers team will affiliate with the hybrid broker-dealer that Arax Investment Partners acquired last year, then known as Excel Securities & Associates Inc., and now operating as Ashton Thomas Securities.

“Ted and Dan make a great addition to our growing team of established wealth advisors,” said Ashton Thomas founder and CEO, Aaron Brodt. “We now have an anchor in the financial capital of the U.S., and we could not be more delighted to have such fine professionals represent us as our first team in New York City.”